Isn't the value of the land of a property [1] basically determined by the full value (land + improvement) of nearby [2] properties? Isn't that why people desire buying a certain piece of land, because of what it is connected to - close to nature, close to market, far from noise, etc.
You do have a lot of price signals about the value of nearby private property, and you can also estimate the price of public land (parks and major roads) by using data from across the whole country to determine how much people want to live close to, say, a park. Then come up with some formula to aggregate that into a single value for each land.
I would hope that someone does this at least as a theoretical exercise to see what the estimated values would be, and whether we can find a formula that is reasonable for almost all properties.
[1] I am talking about residential and retail properties. Not farm or mining type land.
[2] Close/far in both the topological and the geometric sense.
You do have a lot of price signals about the value of nearby private property, and you can also estimate the price of public land (parks and major roads) by using data from across the whole country to determine how much people want to live close to, say, a park. Then come up with some formula to aggregate that into a single value for each land.
I would hope that someone does this at least as a theoretical exercise to see what the estimated values would be, and whether we can find a formula that is reasonable for almost all properties.
[1] I am talking about residential and retail properties. Not farm or mining type land.
[2] Close/far in both the topological and the geometric sense.